U.S. dollar    

  0.660

Euro    

  0.423

Japanese yen    

  12.1

Pound sterling    

  0.111

The value of the United States dollar in terms of the SDR shall be equal to the reciprocal of the sum of the equivalents in United States dollars of the amounts of the currencies specified in Rule O-1, calculated on the basis of exchange rates established in accordance with procedures decided from time to time by the Fund.

The value of a currency other than the United States dollar in terms of the SDR shall be determined on the basis of the value of the United States dollar in terms of the SDR in accordance with (a) above and an exchange rate for that other currency determined as follows:

for the currency of a member having an exchange market in which the Fund finds that a representative spot rate for the United States dollar can be readily ascertained, that representative rate;

for the currency of a member having an exchange market in which the Fund finds that a representative spot rate for the United States dollar cannot be readily ascertained but in which a representative spot rate can be readily ascertained for a currency as described in (i), the rate calculated by reference to the representative spot rate for that currency and the rate ascertained pursuant to (i) above for the United States dollar in terms of that currency;

for the currency of any other member, a rate determined by the Fund.

Procedures to establish exchange rates under (b) above shall be determined by the Fund in consultation with members.

The Fund shall determine the currencies that are freely usable in accordance with Article XXX(f).

The Fund shall consult a member before placing its currency on, or removing it from, the list of freely usable currencies.

The Fund shall consult all members with respect to procedures for the prompt exchange of currency, or to facilitate such exchange, in connection with

the operations and transactions of the Fund conducted through the General Resources Account, and

transactions with designation conducted through the Special Drawing Rights Department.

On the request of any member, an Executive Director, or the Managing Director, the Executive Board shall decide whether procedures under (a) above for the exchange of currency are in accordance with the obligations of members.

The Fund shall inform all members of the procedures for the exchange of each freely usable currency.

An exchange of currency in accordance with the procedures under Rule O-4(a) shall be made at an exchange rate between the two currencies corresponding to their exchange rates in terms of the SDR as determined under Rule O-2, if

the exchange is requested under Article V, Section 3(e)(i) or (iv) or under Article V, Section 7(j)(i) or (iv), or

the procedures for the exchange of currency under Rule O-4(a) so provide.

The exchange rate for each currency for the purposes of (a) above shall be determined as of the date of dispatch of the Fund's instruction for the execution of the transaction or operation under (a) above, and if this rate cannot be used, the rate of the preceding day closest thereto that is practicable.

The value date for an exchange of currency under (a) above shall be the second business day after the date of dispatch of the Fund's instruction under (b) above, or as early thereto as is practicable.

An exchange of currency to which Rule O-6 applies shall be made by an official agency of the member issuing the currency, unless the members exchanging currency agree otherwise.

Instruction for an exchange by an official agency under (a) above shall be given by the Fund.

In an exchange pursuant to Article V, Section 7(j)(iv), the freely usable currency to be provided by the repurchasing member in the exchange shall be the freely usable currency agreed between the members exchanging currency.

In the absence of agreement under (a) above, the Fund shall specify the freely usable currency to be provided by the repurchasing member. In making any such specification, the Fund shall take into account the circumstances of the members exchanging currency.

At quarterly intervals the Executive Board shall decide on the transactions plan, including amounts, for the use of currencies and SDRs in the operations and transactions of the Fund conducted through the General Resources Account until the next decision takes effect.

The Executive Board may decide at any time to adopt a special transactions plan.

On the request of any member, an Executive Director, or the Managing Director, the Executive Board shall review, and if necessary amend, any transactions plan adopted pursuant to (a) or (b) above.